These changes affect the disclosure process for purchase money and refinance mortgages, and provide additional consumer protection and transparency over the existing Truth in Lending rules:
•· Initial disclosures provided to applicant within three days of loan application, no fees can be collected during this three day waiting period (except for a reasonable credit report fee).
•· Intial disclosures must also be provided again at least seven business days before a borrower signs closing docs.
•· The appraisal report cannot be ordered until after the three day waiting period (after initial disclosures).
•· Borrower must be provided with a copy of his or her appraisal a minimum of 3 business days prior to closing. The appraisal is considered "received" 3 business days after mailing.
•· Any increases of fees that result in an APR change by 0.125% of the loan amount during processing require re-disclosure. The borrower must receive this revised TIL disclosure at least 3 business days before closing, providing the borrower with the time required to determine if the borrower is comfortable with his or her loan choice.
Today's Interest Rates : Same as yesterday. Condos lead the existing home sales numbers this morning, which were up over last month. Sales took place with mortgages under 5%. Expecting strong interest in 2-yr Treasurys auctioned this afternoon. MBS market should be quiet today.
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